Other than seeing what happens, why would you want to run anything higher than Mac OS 8.1 on a 68K machine?
Almost all software for Mac OS 8.5 onwards is PPC only and can't run on a 68K machine. Mac OS 8.1. is very very useful on a 68K machine becaus eit allows access to HFS+ volumes.
I have a Sonnet 400MHz G3 card in my PM 8100 and it runs Mac OS 8.6 and 9.2.2 very nicely. The machine also has 232MB RAM and 32MB as a minimum is necessary.
It's not a 68K, I know, but it's the nearest that I have.
I do have a Performa 475 with a 50MHz 68040 upgrade card and 132 MB RAM and I must try and see how Mac OS 8.1 runs. Quite well I expect.